Under the terms of the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has temporarily attached immovable and moveable assets totaling Rs. 6.79 Crore.
These assets comprise bank balances of Rs. 0.75 Crore and immovable properties worth Rs. 6.04 crore, located in the states of Odisha, Gujarat, Chhatisgarh, and Rajasthan, concerning M/s Micro Finance Ltd., M/s Micro Leasing & Funding Ltd., M/s Micro Construction Pvt. Ltd., and its directors, Durga Prasad Mishra, Upendranath Mishra, Baikunthnath Patanaik, Suresh Ch. Parida (Upendranath Mishra’s accomplice), M/s Mahavir Dairy & Agro Processors Ltd., M/s Gauri Vinayak Builders & Developers Pvt. Ltd. and A.M. Enterprises,, about a case of purported public deception through illegal public deposits. ED began the PMLA probe based on the FIR and Chargesheet that the Kolkata CBI had filed.
The results of the ED investigation showed that M/s. Micro Leasing & Funding and M/s. Micro Finance Ltd., acting through its directors, had reportedly been involved in the unlawful collection of public deposits by offering numerous enticing schemes. The money was then allegedly hidden by investing in real estate and stacking them into other group firms, including M/s. Micro Constructions Pvt. Ltd.
Additionally, funds were transferred to M/s. A.M. Enterprises, M/s. Gauri Vinayak Builders & Developers Pvt. Ltd., and M/s. Nandini Kalinga Dairy Ltd., a sister company of M/s. Mahavir Dairy & Agro Processors Ltd. Previously, by issuing two PAOs dated 30/03/2019 and 04/02/2021, ED had attached properties worth Rs. 218 Crore belonging to M/s. Micro Finance Ltd. and others.
These PAOs were later verified by the Ld. Adjudicating Authority PMLA. Additionally, ED had later submitted a supplemental prosecution complaint was also filed on December 26, 2022, and a prosecution complaint was filed against the company and individuals on August 31, 2020.
